While it took Dorel Industries (DIIB) 41 years to reach the US$1billion mark in revenues, the global consumer products company already has the second billion in sight. The Company expects 2004 sales will be between US$1.6 and US$1.8 billion as the result of three significant acquisitions and strong organic growth in its U.S. juvenile products operations. Company President and CEO, Martin Schwartz, today told shareholders that Dorel is a world leader in juvenile products, among the top two North American ready-to-assemble furniture producers and the largest seller of bicycles in the U.S.

"Increasingly our products are becoming part of consumers' everyday lives. We've assembled a powerful portfolio of products and brands-from car seats to strollers to ready-to-assemble furniture to folding furniture to bikes-and we are continuing to gain market share in many of these categories," said Mr. Schwartz.

New investments in manufacturing technology

The Company has recently invested heavily in leading-edge manufacturing technology. Earlier this month Dorel opened its new US$25 million "factory of the future" in Columbus, Indiana. The 1.1 million square foot plant and warehouse has been completely re-organized and serves as the centre of the Company's car seat production. The "factory of the future" is an example of Dorel's combination of domestic manufacturing and offshore out-sourcing.

Also in May, Dorel Home Products in Montreal launched a revolutionary new manufacturing process which produces an environmentally-friendly futon mattress with fewer raw materials and which is less labour intensive. The US$4 million dollar investment can double capacity from the current 700,000 mattresses per year to 1.4 million and opens the door to the production of other items. The system is a first in Canada and was designed in-house. Dorel is North America's largest futon manufacturer.

Dorel to have majority independent Board

Shareholders elected two new board members at today's annual meeting. As of July 1st, the Company will have a majority independent Board. Dian Cohen is an economist and recognized author and commentator who sits on other Boards and has vast experience in the field of corporate governance. Alain Benedetti is an FCA, Vice-Chairman and Managing Partner at Ernst & Young, who brings general business and financial reporting expertise to the Board. Mr. Benedetti can only assume his responsibilities with Dorel July 1st as he retires from E&Y June 30th. As such, lawyer Neil Weiner was elected to the Board on an interim basis.

The Board has also created the position of lead director and has appointed Maurice Tousson, a long-standing independent board member, to the post.